As days go by, the fraud of the 750 billion EU Recovery Plan proposed by the EU Commission becomes more and more evident. First, eight member countries opposed the EU Commission proposal at the Ecofin meeting Thursday. Some countries want only loans and no grants, others say they won’t pay any money for Southern European nations, and German Finance minister Scholz, in order to achieve a compromise, proposed reducing the fund to 500 billion. The result: everything has been postponed.
As to the other three pillars of the EU “bazooka,” there is a lot of sizzle but no steak. No country except Italy is interested in the ESM facility, and even the Italian government is split. The European Investment Bank loans are in the preliminary phase, which demands that EU countries pay 25 billion in advance as guarantees for the capacity to issue 200 billion in loans.
